There are many cryptocurrency exchanges and wallets that offer great features for trading and investing, but one of the main platforms in the industry remains Binance. Founded by Changpeng Zhao, a developer who has designed a number of varied and diverse investment tools, the platform has grown considerably over the years. However, a particular question remains: Binance or Binance US?
While both platforms offer a similar experience to their user base, there are some notable differences that may be important to the average crypto investor.
Also, as of late 2020, US users can only use Binance US. However, some other users have a choice between the two. In this article, we present each of the two options in detail, so you can determine which one is best for you.
- Supported cryptocurrencies on Binance and Binance US
- Trading Fees: Binance or Its US Version?
- Supported countries
- Customer Support: Binance or Binance US
- Reliability and reputation of the exchange
- Binance or Binance US? Our verdict
Supported cryptocurrencies on Binance and Binance US
One of the main differences between the main Binance platform and its American counterpart is the number of cryptocurrencies (and fiat currencies) you can trade. In 2022, the number of crypto na Binance US was over 80while the original version of the platform supports more than 600 different parts.
So if you are not in the United States, you have more options to trade and buy many coins on one platform. For those in the United States who wish to do the same, they may need to use other cryptocurrency exchanges.
Trading Fees: Binance or Its US Version?
In terms of fees, both platforms apply the same 0.1% of the standard rate. The difference is in the additional fees, which vary whether you are in the United States or not. For example, wire transfer fees to your exchange account are free outside the United States. However, depending on the transmission method used, US users can pay up to 4.5%.
This disparity in fee structuring favors customers located outside the United States, where higher fees may be associated with stricter local crypto regulations. Compared to other platforms, the fee structure of Binance US and the original platform in general seems more complicated. Users located outside the United States, however, benefit from lower fees.
The fee structure is further complicated by Binance’s emphasis on different prices for different levels of users. Although, in theory, this structure is similar on the main platform and on Binance US, the US platform has fewer levels.
This may seem simple and straightforward to some, but it can also imply using the American platform turned out to be more expensive than the main counterpart.
- Want to talk about it with other crypto enthusiasts? Don’t hesitate to join our Telegram group in French!
For Binance US users, although liquidity is not the main issue, the native platform supports more liquidity, enabling faster transactions and exchanges, which is a key point for the world’s largest crypto exchange. However, the American platform still needs to catch up when it comes to providing users with the same amount of liquidity and smoothness when trading.
For US users it’s quite unfortunate, the experience is generally slower, which may prompt some to look for alternatives to Binance US. Indeed, while options are more limited in the United States, there are alternatives, such as the Kraken.
While the platform is supported in the US, that’s not quite as accurate as the name suggests. Indeed, although most US users can use this platform, it is not available in all countries. Currently, Binance US is not available in the US states of Texas, Vermont, New York and Hawaii. Whether that will change in the future remains to be seen.
It is also true that not all services of the original platform are available in all countries. Although it may seem surprising, the UK is one such country. As of mid-2021, the FCA (Financial Conduct Authority) has indeed decided that a UK branch of a company cannot carry out a regulated activity, which has had consequences for local users. .
While theoretically UK users will still be able to fully use the platform, in response to this decision, a number of UK banks, including Barclays and HSBC, have since banned their customers from making deposits on the platform.
Users therefore face certain limitations when using Binance. Among the countries that dealt with the company are Hong Kong, Malaysia and Lithuania. However, many countries allow the platform in its entirety and these countries present opportunities for growth in these areas in the future.
Customer Support: Binance or Binance US
Reviews for the US platform are on average worse than those for Binance, which is a slight advantage for those living outside the US. However, many of the reported support issues for US customers are related to issues stemming from the company’s hectic new website setup.
Anyway, the customer support of both platforms absolutely needs to be improved. Currently, however, the support provided by Binance is still better than that provided by its US version. With the restriction limiting US users to this platform, many are opting for it completely transfer your accounts to other platformsKraken is an alternative.
Reliability and reputation of the exchange
Although the trust and reputation of Binance and Binance US largely depends on the support and functionality of the two platforms, customer support is not the only factor that can affect their brand awareness. Rather, it is another factor the number of failures suffered by the platformswhich are much more common in the rest of the world than in the US and are a particular problem in continental Europe.
Based on this, the US platform (despite being the newer of the two) has had far fewer problems recently, which has increased its reputation in the territories that have access to it.
Nevertheless, any loss of confidence in Binance has a negative effect on how users perceive its American platform, due to the close connection between the two exchanges. Regarding their reliability, the American platform is in the first place. This does not mean, however, that both are in good standing; society as a whole has more work to do in this area, a lot of work.
Several factors explain why Binance US launched a separate platform. Changing regulations and the response of the native platform’s own rules to external changes are the main drivers.
In recent days, the company has blocked Singapore residents from transacting on its platform, in response to stricter local regulations. Although the original platform is currently the better of the two platforms, it is important to remember that changes in this order affect the choice of the better performing exchange.
Binance or Binance US? Our verdict
Outside of Binance, there is a shift towards using Coinbase or Gemini, but of the two platforms reviewed previously, a clear leader can be identified.
Binance, the original platform, despite numerous outages, is different from its American counterpart. Its range of supported cryptocurrencies, features and ease of use far surpass those of Binance US. However, many hope that the number of breakdowns and breakdowns will decrease in the future.
The variation in available services, even from one US state to another, increases friction on the US platform and turns off a large portion of potential users. While this may improve over time, currently, Binance is by far the best platform in terms of choice.
The original platform currently caters to crypto traders, both new and experienced, while it is difficult for US users to take full advantage of their platform. With that, Binance is, without a doubt, the best platform, the most developed and the best choice for users.
All information contained on our website is published in good faith and for general information purposes only. Any action taken by the reader based on the information on our website is solely at his own risk. At Educate Yourself, our priority is to provide you with high-quality information. We take the time to identify, research and create educational content that will be useful to our readers. In order to maintain this level of quality and continue to create valuable content, our partners may pay us a commission for placements in our articles. However, these commissions do not affect our processes of creating objective, fair and relevant content.